It’s official: 111 West 57th Street is finally ready to rise, with the tower’s new building applications approved by the Department of Buildings yesterday. JDS Development and Property Markets Group are behind the 1,397-foot tall tower, which will stand the same height as 432 Park Avenue when complete.
Designed by SHoP, the building will have approximately 55 residences, and prices are apparently set to average $6,000 per square foot. It will only have 80 floors, and the uppermost portion of the structure will be uninhabited. Ornament has been lacking atop the new Midtown supertalls, and 111 West 57th’s plumage offers a pleasant callback to the height race of the late 1920s, when buildings competed for the highest and most elaborate crown.
111 West 57th Street will differ from these though, and unlike all of the other supertalls under construction at the moment, it will actually integrate the historic Steinway Hall into its base.
Earlier this week, Crain’s reported that the building is close to finalizing a half-billion dollar construction loan. Excavation has been underway for several months as well, though the construction process will be difficult due to the site’s extremely tight confines adjacent to the old Steinway.
Signage gives a tentative completion date of 2017, and given the latest signals at the DOB and in terms of financing, that target could very well be reached — also resulting in delivery prior to its larger counterpart to the west, at 217 West 57th Street.
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